August 20, 2020

Farm Succession: Feasibility of Adding a Family Employee

Adding to a series about Farm Transition Planning, in this third episode on our Purdue Commercial AgCast series, we discuss how to evaluate if the farm can add an employee. As a farm expands, it is important to evaluate the feasibility of adding an operator and/or hired employees as well as the feasibility of purchasing or renting additional land, and machinery and equipment. Purdue agricultural economists Michael Langemeier and Brady Brewer discuss two critical factors: gross revenue and profitability.

 

The companion episodes in this podcast series can be found at “Farm Transition Planning”, June 24, 2020 and “Farm Succession: Transitioning Business Management”, July 22, 2020.

The article discussed in this episode, entitled “Is It Feasible For My Farm To Add An Operator Or Hired Employee?”, can be found here.

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